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SMALL BUSINESS
Steve Madden lifts fiscal 2009 profit outlook
AP
LONG ISLAND CITY, N.Y. -Steve Madden Ltd. raised its 2009 profit outlook on Tuesday, partly because of strong boot sales, lifting shares of the shoe company in morning trading.
For fiscal 2009, Steve Madden expects earnings per share between $2.55 and $2.65, up from prior guidance between $2.05 and $2.15.
Sales will rise between 7 percent and 8 percent from last year's sales of $457.1 million. That translates to sales between $490.1 million and $493.7 million.
Analysts polled by Thomson Reuters predict profit per share of $2.11 and revenue of $471.1 million.
For the quarter, the company expects third-quarter earnings of 97 cents, up from 62 cents last year, and sales of $140 million.
Analysts expect 64 cents per share in earnings.
"Boots have been the primary driver of footwear sales for the fall season," Steve Madden Chief Executive Edward Rosenfeld said in a statement.
The company is scheduled to announce third-quarter results on Nov. 3.
The stock rose $1.53, or 3.3 percent, to $41.31 in morning trading. Earlier in the session the stock changed hands at an all-time high of $45.48.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-20 12:17:20
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